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Patrick Chitwood Allegedly Overconcentrated Risky Investments

Patrick Chitwood (CRD #: 871271), a broker registered with Triad Advisors, is seeking to recover $1 million, according to his BrokerCheck record, accessed on May 12, 2022. Investors who have concerns about his conduct as a broker should keep reading.

On March 2, 2022, an investor alleged that Patrick Chitwood recommended unsuitable, alternative investments. The investor further alleged that Patrick Chitwood overconcentrated securities in his portfolio and is seeking to recover $1 million.

Suitable Investments

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

  • Investments can be unsuitable because they are high risk and likely to lose money (like alternative investments).
  • These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.

Background Information

Patrick Chitwood has passed the following exams:

  • Series 63 Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination
  • Series 24 General Securities Principal Examination
  • Series 8 General Securities Sales Supervisor Examination (Options Module & General Module)

He is a registered broker in eight states and a registered broker in seven states.

Patrick Chitwood has worked with the following firms:

  • Triad Advisors (CRD #: 25803)
  • Triad Hybrid Solutions (CRD #: 171070)
  • Arkadios Capital (CRD #: 282710)
  • ACG Wealth (CRD #: 150419)
  • Triad Advisors (CRD #: 25803)
  • Chitwood Advisors Group (CRD #: 122875)
  • ProEquities (CRD #: 15708)
  • Chitwood-Lindberg Wealth Management (CRD #: 149832)
  • Chitwood Advisory Group (CRD #: 122875)
  • Triad Advisors (CRD #: 25803)
  • Royal Alliance Associates (CRD #: 23131)
  • Integrated Resources Equity Corporation (CRD #: 6403)
  • The Robinson-Humphrey Company (CRD #: 723)
  • Shearson Lehman Brothers (CRD #: 7506)
  • Wheat, First Securities (CRD #: 6124)
  • Robinson-Humphrey Jackson & Curtis (CRD #: 8174)
  • Paine, Webber, Jackson & Curtis (CRD #: 640)

Kurta Law Can Help

If you worked with Patrick Chitwood and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.